Remittances decline by 6.6% MoM in November

December 14, 2021 (MLN): Remittances by overseas Pakistanis during the month of November clocked in at $2.4 billion, which were 6.6% lower than the last month, while 0.6% higher when compared to the same month of last year, a press release issued by SBP showed today.

“With $2.4 billion of inflows during November’21, workers' remittances continued their strong streak of remaining above $2 billion since June 2020,” SBP said.

Cumulatively, during the first five months of FY22, remittances grew by 9.7% to stand at $12.9 billion, compared to the same period last year.

Country-wise, remittances inflows during November’21 were mainly sourced from Saudi Arabia ($590 million), United Arab Emirates ($452.5 million), United Kingdom ($305.8 million) and the United States of America ($237.8 million).

The proactive policy measures by the Government and SBP to incentivize the use of formal channels and altruistic transfers to Pakistan amid the pandemic have contributed towards the sustained inflows of remittances since last year.

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